But having a piece of paper to say that you are ‘legally married’ is not all that financially different to being in a de-facto relationship or a long term same-sex relationship. Being able to emotionally and financially support a partner with a shared value, goal and purpose is essential when it comes to making the finances work in any relationship.
Couples often enjoy double incomes – giving you the ability to save for a house, perhaps plan a trip overseas, consider if a family is something that you want to do. Plenty of good things, and times, to be had.
That is of course after you have paid off the cost of the actual wedding, which can set even the best planned couple back. But hopefully you only do it once hey…
Looking after each other might mean reviewing your Will, updating your death benefit nominations in super, opening a joint bank account or investment, taking out ‘couple’ health insurance, securing each others’ salaries through income protection insurance etc.
The GNS Group team would love to work with you and your partner to help you get the basics right, and then we can also move onto some of the fun stuff of planning your next stage of life – whatever that may look like. We’re not an old school stuffy accounting practice, and some of our team are in the exact same boat as you – so who better to answer your queries than someone you can relate to.
We’ve put our collective heads together and are happy to share some of our ideas on how you both can get ahead of others and some key topics for you to consider. But the real advantage that the clients of GNS Group receive is the ready access to our team to bounce ideas off and to allow us to understand what things are important to you.
Check out the information we’ve got here initially, but what we would really like to do is make a time for us to catch up either face to face, digitally or even over the phone so that we can work together, achieve your joint goals and get you off to a healthy financial future.
At GNS Group, we help build your wealth and protect your lifestyle.
Looking after each other might mean reviewing your Will, updating your death benefit nominations in super, opening a joint bank account or investment, taking out ‘couple’ health insurance, securing each others’ salaries through income protection insurance etc.
The GNS Group team would love to work with you and your partner to help you get the basics right, and then we can also move onto some of the fun stuff of planning your next stage of life – whatever that may look like. We’re not an old school stuffy accounting practice, and some of our team are in the exact same boat as you – so who better to answer your queries than someone you can relate to.
We’ve put our collective heads together and are happy to share some of our ideas on how you both can get ahead of others and some key topics for you to consider. But the real advantage that the clients of GNS Group receive is the ready access to our team to bounce ideas off and to allow us to understand what things are important to you.
Check out the information we’ve got here initially, but what we would really like to do is make a time for us to catch up either face to face, digitally or even over the phone so that we can work together, achieve your joint goals and get you off to a healthy financial future.
At GNS Group, we help build your wealth and protect your lifestyle.
You can only spend what you’ve got…unless you get stuck on the treadmill of credit card debt.
Preparing a budget is not an exciting exercise, but it’s a really important one, at all stages of life.
Whether you have just moved out of home and paying rent and bill for the first time, juggling the commitments of a mortgage and school fees, or knowing what type of trips you can take in your retirement – it all starts with a budget.
To assist with doing a personal budget, we often assist clients to identify just where the money goes. A great starting point is using an on-line calculator.
We like the ASIC MoneySmartBudget Calculator because its independent
We also like to track our clients progress towards their budgeted outcomes, and to do this, either an excel spreadsheet is handy, or you can let a program such as Xero take care of large parts of it for you.
The team at GNS Group love educating clients on the importance of a budget and understanding what benefits you can gain from a bit of Finance 101.
For more information, please contact our office today.
One thing that you’ll then be faced with is – which Home Loan?
Comparing one Home Loan to another is a bit like comparing mobile phone plans. They make it all so confusing with features, included services etc, it’s a real challenge knowing where to begin.
Through our finance company – GNS Plus Pty Ltd, you have access to a variety of home loan solutions.
If you have never used a Mortgage Broker before, here is a quick run-down:
Your Broker is working for you, not the Bank. Brokers have the skills, experience and tools available to get you a good deal, explain all the different options and make recommendations to you on how to maximise your repayments and to cut your interest bill.
Our GNS Plus Lending Manager has access to over 30 bank and can evaluate what is best for you from:
The benefit for you is we do all the leg work and shopping around, so you can relax knowing you’re getting your finances sorted.
Contact Paul on 9499 7444 for a complimentary consultation to assess your borrowing power.
Paul Tsikopoulos is a credit representative 522646 of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237)
A GNS Plus Lending Manager can review your current home loan to ensure you still have the right product for your needs. Don’t assume that just because your loan was once competitive, it still is. Interest rates change and different types of loans are always entering the market. They will:
Select a home loan that meets your needs. While the rate is important, it is more important to have an appropriate level of flexibility and function.
1) Pay off as much as you can, as often as you can.
2) Avoid loans that penalise you for making extra repayment
3) Avoid ‘honeymoon’ loans that revert to a higher rate after the ‘honeymoon’ period is over.
4) Avoid loans with high exit costs.
5) Deal with reputable organisations
This really depends on your current financial situation. A GNS Plus Lending Manager can help you select the right type of loan, building in the cost of every-day living to determine how much you can afford to repay each month.
There are advantages and disadvantages of choosing fixed and variable interest loans, and they are assessed on a per client basis.
Options to consider are:
Remember however, that if you elect to split your loan into part fixed / part variable, make sure you don’t incur two monthly loan maintenance fees instead of one.
There are many costs associated with taking out a home loan, which don’t relate to the price of the property.
These hidden costs include:
Buying your first home is one of (if not) the biggest financial commitments you will ever make. Stay well informed of what is involved so you don’t make any rash decisions.
Good financial planning advice from your Count adviser combined with the advice from a GNS Plus Lending Manager, can save you thousands of dollars off your loan and help you own your home sooner!
A credit provider must ensure you can afford to repay a loan without suffering undue financial hardship before lending you any money.
The total amount that you can borrow is determined by three factors:
1) The value of the property you intend to purchase; and
2) The funds you use towards the purchase; and
3) Your borrowing capacity or “serviceability”. Serviceability is your ability to meet loan repayments, and will depend on your income and existing financial commitments. You will need to provide evidence of a continuous stable income.
Budgeting your income carefully and understanding your spending habits will help you make regular loan repayments and own your home that much sooner!
Paul Tsikopoulos is a credit representative 522646 of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237)
And sure these things are really important. But without being able to work and generate an income, you won’t be able to afford a House, grow your Super or the running costs of your car.
When you think about it, your wage literally pays for everything: Housing (Mortgage/Rent), Food, Holidays, Entertainment, Education, Cars, Credit Cards etc.)
But 7 out of 10 Australians do not have Income Protection Insurance – relying on the Australian attitude of “she’ll be right”. And for many Australians who do have some protection, its often not enough or structured in the best way to either maximise Tax deductions or minimise cash flow costs.
There are also so many different providers and options when it comes to Income Protection Insurance. And this is where GNS Group can help you.
We can understand what is important to you, how to best structure your protection and then compare different providers and policy definitions to make sure you will get a pay out when you really need it.
Some Insurance Companies get a bad reputation when it comes to paying out. And it’s probably the biggest concern people have. The 3 most common reasons for receiving what you expected are: Inaccurate/incomplete medical disclosure at the time of application A poor quality policy with weak definitions on how and when you will get paid Incorrect structuring of the policy to properly protect you.
When it comes to Income Protection Insurance – you get what you pay for!
Appropriate Structuring (inside Super or personal policy) Waiting period (7 days, 30 days, 6 months) Benefit Period (You will be paid for 1 year, 2 years, 5 years, until age 65) Stepped/Level Premiums (Stepped premiums cost more every year you have a birthday, Level premiums do not increase with age) Agreed/Indemnity Value ( A bit like Car Insurance, Agreed Value gives you certainty, Indemnity or market Value is how much you are earning immediately before making an insurance claim) Super Booster/Mortgage Benefit (Something extra to help with the Mortgage or to pop into Super while you are not working to allow it to keep growing)
When someone purchases their first car, they make sure that they get the proper insurance. But when someone gets their first job, not many people even consider Income Protection Insurance.
Insuring a $40,000 car that reduces in value every year for $1,500 seems to be a good deal, but spending $1,500 to insure your $40,000 wage that grows in value every year is lower down the priority list.
And while living well in to your 80’s or 90’s is not an unrealistic expectation, the reality is some of us won’t make it that far.
If you were not around, what impact and changes would that mean for your spouse, children, family and co-business owners.
If you were to die would your family be financially better off, worse off, or the same?
Life Insurance won’t bring you back, but it will provide a lump sum to clear a mortgage and other debts such as business loans or credit cards, cove the funeral costs and most importantly provide a remaining lump sum which can be invested to replace your lost income earning capacity
This is where working with GNS Group can make the process so much easier. GNS can cut through the fine print of different policies to make sure you get what you pay for, understand what is important to you, compare different policies and features and in most cases, there is no requirement to do a medical.
It is also important to understand the best way of owning your policy and funding the premium costs.
Should it be inside super or non super, what about your business paying the cost of the insurance? It is not just an issue around cashflow and who is paying the cost, but also tax needs to be taken into account as you might see a big chunk of your Life insurance payout heading to the ATO rather than your desired beneficiaries. This is where the GNS team can help to explain all of the different options and recommend the most suitable course of action for you and your family.
You always need to remember that it’s your super money and you get to decide how it is invested.
The default option for most accounts is that of a Balanced Investor. But with the help of a GNS Group Financial Adviser, we will help you understand your tolerance towards risk, the time frame you have available, contributions likely to be made, existing super balance and capacity to absorb short term losses.
Whether you are an aggressive or conservative investor, there is a range of investment options to choose from.
Australian Shares, International Shares, Australia and Global Property Infrastructure, Private Equity, Hedge Funds, Bonds, Term Deposits, Cash. Knowing the right blend for your situation is what we do.
And it is ultimately the returns of each of these individual investments which generate your annual performance returns, not super itself.
Besides choosing the right asset mix, there are hundreds of Australian Shares to invest in, which ones should you go with and why?
That is where a GNS Group Financial Adviser can help. Using proven strategies and research through our affiliation with Count Financial, we are ideally placed to construct a cost effective portfolio to deliver you with appropriate returns commensurate with your risk profile.
Give us a call today and allow us to understand how we can help you and your super grow.
For many of us, doing a tax return is a hassle and a chore, and we only do them because we have to, not because we want to.
While you might think your affairs are fairly straight forward, its important that you don’t overlook something. There could be hundreds or thousands of dollars in refunds available to you, just by understanding what you can legitimately claim.
And this is an important consideration, just because your friend or family member can/can’t claim a particular deduction, doesn’t necessarily mean the same rules apply to you. Different occupations or role descriptions make a difference, so too does your age, health, marital and family status – so its important to make sure that your GNS Group accountant fully understands your situation and to best advise you. At our offices based in Ivanhoe, we have some of the best tax accountants Melbourne has; they’re passionate, knowledgeable and can advise you on all your accounting needs.
We find most people fall into one of two categories. The eager beavers who like to do their return as soon as they have all of the required documents in order; or, the tortoises who get around to doing things towards the deadlines.
Either way, it’s important to make sure a few basics are followed to maximise your return:
There are three key areas on a tax return – Income, Deductions, Rebates & Offsets.
This could include things such as your salary, bank interest, capital gains, rent received, dividends or managed funds etc.
This could include things such as your car or travel costs, union or subscription fees, rental property expenses, Interest on investment loans, Income Protection Insurance, home office costs etc.
These are generally things which entitle you to a tax credit, and can include Private Health Insurance, Out of pocket medical expenses, credit for foreign income tax paid etc.
If you would like more information on what you might be able to claim, talk to one of our accountants today – we’d love to be able to help you.
How would you not only deal with the emotional toll of becoming Totally and Permanently Disabled but the financial consequence as well?
Not only clearing your debts (home loan, credit cards, and business loans) but also seeking the best available medical treatment become big priorities. And this is where Total and Permanent Disability Insurance can take the financial headaches away and allow you to focus on adjusting to your latest medical impediments.
You have to remember that getting a lump sum payment from Total and Permanent Disability Insurance means a life changing diagnosis has been made; it’s not just a broken arm!
Things such as Quadriplegia, paraplegia, Multiple Sclerosis and Motor Neuron Disease. Medical conditions which there is no recovery from – Its Total and also Permanent.
As you can imagine, the cost of modifications to your home, perhaps even changing homes, might be required depending on the degree of impact and the way your home is set up. The cost of personal in home care might start to bite, and is often not covered by the cost of health insurance and wont be picked up by Medicare either.
So you need to look after yourself and your family, and when you do the sums, its not a big cost relative to the benefit that you would receive in the event of being diagnosed as Totally and Permanently disabled.
GNS Group can’t prevent these tragic illnesses or injuries from occurring, but we can give you and your family the peace of mind that you will not be a financial burden on them.
Proatively keeping our customers ahead of the pack.
Establishing Key Performance Indicators to track the critical success factors of our customers businesses
Identifying opportunities for our customers business’ growth and improvement rather than simply ‘crunching’ historical figures.
Assisting to build and manage wealth for our customers whilst complying with statutory requirements.
Charging a yearly, all inclusive fee paid monthly, rather than an hourly rate thus offering you better value and service.